3.861 Trillion! Public Mutual Fund Total Assets Hit Record High for 11 Consecutive Months

The total size of public funds has risen to a new high of 38.61 trillion yuan, with money market funds attracting over 570 billion yuan in a single month.

On March 25, the Asset Management Association of China (AMAC) released the latest public fund market data.

As of the end of February 2026, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public fund qualifications. The net asset value of public funds managed by these institutions totaled 38.61 trillion yuan, a month-on-month increase of 2.22% from 37.77 trillion yuan at the end of January 2026.

Since April 2025, the total size of public funds has continuously hit new records for 11 months, showing a sustained expansion trend. Meanwhile, the number of fund products has also steadily increased. By the end of February, the total number of funds in the market reached 13,821, with a net increase of 96 funds in the month, indicating ongoing growth in product supply.

Looking at the changes in the size of different types of funds, the February market showed clear structural characteristics. Unlike January, when both stock and bond funds experienced outflows, in February, all fund types except equity funds saw positive growth. Money market funds and bond funds were the main drivers of growth this month, with hybrid funds and QDII funds also recording varying degrees of increase.

Specifically, money market funds and bond funds served as the “dual engines” of growth this month. Money market funds increased by 579.51 billion yuan, a month-on-month growth of 3.79%; bond funds grew by 216.73 billion yuan, a 2.06% increase. Additionally, hybrid funds increased by 93.34 billion yuan (2.33%), and QDII funds grew by 4.02 billion yuan (0.39%).

Market analysts pointed out that before the Spring Festival, due to rising risk aversion and investors’ increased desire to lock in gains, trading activity temporarily cooled, and risk appetite declined. Overall, conservative products remained the main direction of capital inflows, reflecting investors’ preference for low-volatility, relatively stable return strategies amid market fluctuations.

In terms of share changes, the capital flow and size variation across fund types were generally consistent. Money market fund shares increased by 579.30 billion units, a 3.79% month-on-month rise; shares of bond funds, hybrid funds, QDII funds, and equity funds increased by 137.01 billion, 36.40 billion, 67.22 billion, and 1.42 billion units, respectively.

Notably, QDII funds, possibly limited by quota restrictions, had a modest overall size increase, but their share growth reached 7.95% month-on-month, ranking first among all product types. This indicates that investor demand for overseas asset allocation remains strong, and the willingness to “go global” through public funds continues to grow.

Morningstar pointed out that QDII funds showed differentiated performance in February. Benefiting from strong performances of Japanese, Korean, Taiwanese stocks, and gold, the global emerging market mixed funds, commodity funds, and Asia-Pacific ex-Japan stock funds recorded monthly gains of 6.62%, 4.54%, and 2.26%, respectively, making them the top-performing categories within QDII funds.

(Source: The Paper)